Help . . . Is The £ Going Into Free-fall?

[chiang mai]

Parity my arse.

Ignore the papers - they get rent-a-comments from supposed experts from banks etc who have no idea what is happening. They all jump on bandwagons and spout forth forecasts (at the promptings of their PR departments) which have no basis in fact. Noone ever holds them accountable.

Case in point. In June a Goldman Sachs report suggested oil would hit $200-$220 a gallon by the end of this year. Rather mysteriously, that forecast has been lost. Last week they issued a new forecast that oil would fall to $50 by the end of this year.

A forecast is just that, an estimate of what might happen in the future based on today's knowledge and trends, thus a forecast of oil at $200 was probably appropriate and accurate at the time. Using that definition as a guide I would suggest that the idea of GBP/USD parity is not entirely a wet dream, after all, we have seen parity before in not too distant times!

[chiang mai]

Perhaps the time has come for me to convert 50% of my GBP savings into Japanese Yen and Swiss Francs. This morning's financial papers suggest 1.50 by year end to the dollar, followed by a steady decrease in 2009 then parity some time in 2010. I am beginning to panic now, because a THB= less than 40 would be more than I could cope with. I would have to leave Thailand.

I think that there might be an outside chance the Euro could possibly reach parity with the Dollar in 2009, but things in the U.K. would have to get pretty bad for the pound to reach parity with the Dollar! With that said I think that the $1.50 mark could be breeched in the next 30 days, right now in asian trading the pound is right at $1.60, and the way things are going $1.59 could be in danger in European trading later today. Short term you might want to consider the Dollar, and longer term the Yen sounds about right. I am not quite sure about the Swiss Franc, perhaps Lanna can lend some advice there. On a spec play, gold mining stocks are begining to look very attractive at these levels as there seems to be a disconnect between the price of gold and the price of the gold mining shares, just an idea, best of luck

I am hard pressed to think of one single thing about the UK economy that could prove to be its saving grace and thus save the Pound from further falls. The real estate bubble is one of the largest around, per capita borrowings are the highest in the western world, there is no manufacturing industry per se and the majority of the economy is based on financial services. Add to that the fact that a change of government is at least two years away plus the weather is dreadful and it all looks very messy.

[VegasVic]

Perhaps the time has come for me to convert 50% of my GBP savings into Japanese Yen and Swiss Francs. This morning's financial papers suggest 1.50 by year end to the dollar, followed by a steady decrease in 2009 then parity some time in 2010. I am beginning to panic now, because a THB= less than 40 would be more than I could cope with. I would have to leave Thailand.

I think that there might be an outside chance the Euro could possibly reach parity with the Dollar in 2009, but things in the U.K. would have to get pretty bad for the pound to reach parity with the Dollar! With that said I think that the $1.50 mark could be breeched in the next 30 days, right now in asian trading the pound is right at $1.60, and the way things are going $1.59 could be in danger in European trading later today. Short term you might want to consider the Dollar, and longer term the Yen sounds about right. I am not quite sure about the Swiss Franc, perhaps Lanna can lend some advice there. On a spec play, gold mining stocks are begining to look very attractive at these levels as there seems to be a disconnect between the price of gold and the price of the gold mining shares, just an idea, best of luck

I am hard pressed to think of one single thing about the UK economy that could prove to be its saving grace and thus save the Pound from further falls. The real estate bubble is one of the largest around, per capita borrowings are the highest in the western world, there is no manufacturing industry per se and the majority of the economy is based on financial services. Add to that the fact that a change of government is at least two years away plus the weather is dreadful and it all looks very messy.

Well that ought to make syd feel better

[chiang mai]

Perhaps the time has come for me to convert 50% of my GBP savings into Japanese Yen and Swiss Francs. This morning's financial papers suggest 1.50 by year end to the dollar, followed by a steady decrease in 2009 then parity some time in 2010. I am beginning to panic now, because a THB= less than 40 would be more than I could cope with. I would have to leave Thailand.

I think that there might be an outside chance the Euro could possibly reach parity with the Dollar in 2009, but things in the U.K. would have to get pretty bad for the pound to reach parity with the Dollar! With that said I think that the $1.50 mark could be breeched in the next 30 days, right now in asian trading the pound is right at $1.60, and the way things are going $1.59 could be in danger in European trading later today. Short term you might want to consider the Dollar, and longer term the Yen sounds about right. I am not quite sure about the Swiss Franc, perhaps Lanna can lend some advice there. On a spec play, gold mining stocks are begining to look very attractive at these levels as there seems to be a disconnect between the price of gold and the price of the gold mining shares, just an idea, best of luck

I am hard pressed to think of one single thing about the UK economy that could prove to be its saving grace and thus save the Pound from further falls. The real estate bubble is one of the largest around, per capita borrowings are the highest in the western world, there is no manufacturing industry per se and the majority of the economy is based on financial services. Add to that the fact that a change of government is at least two years away plus the weather is dreadful and it all looks very messy.

Well that ought to make syd feel better

I don't know about Syd but for me personally I would much rather be made aware of all the components that affect a decision rather than just to be told that everything will be OK when there is a very good chance everything will not be OK - and because I am risk averse I would prefer to ere on the side of caution - I am against panic but I am also against denial and burying my head in the sand. Sorry.

[Naam]

people talk about Swiss Franc. one starts to mention CHF others follow and again others present the fairy tale of CHF being backed by gold. reality seems to be forgotten it is correct that CHF held up a bit better against USD than GBP but where's the beef? the real winner without doubt was JP¥ in the last three months and to our dismay Ms Tarisa's propped up Baht

graph 1 Swiss Franc vs. US-Dollar last 6 months (graph is inverted!)

graph 2 Pound vs. US-Dollar last 6 months

graph 3 YEN vs. US-Dollar last 3 months

Edited October 24, 2008 by Naam

[Naam]

Parity my arse.

Ignore the papers - they get rent-a-comments from supposed experts from banks etc who have no idea what is happening. They all jump on bandwagons and spout forth forecasts (at the promptings of their PR departments) which have no basis in fact. Noone ever holds them accountable.

Case in point. In June a Goldman Sachs report suggested oil would hit $200-$220 a gallon by the end of this year. Rather mysteriously, that forecast has been lost. Last week they issued a new forecast that oil would fall to $50 by the end of this year.

A forecast is just that, an estimate of what might happen in the future based on today's knowledge and trends, thus a forecast of oil at $200 was probably appropriate and accurate at the time. Using that definition as a guide I would suggest that the idea of GBP/USD parity is not entirely a wet dream, after all, we have seen parity before in not too distant times!

ahemm... cough... cough...

[VegasVic]

Perhaps the time has come for me to convert 50% of my GBP savings into Japanese Yen and Swiss Francs. This morning's financial papers suggest 1.50 by year end to the dollar, followed by a steady decrease in 2009 then parity some time in 2010. I am beginning to panic now, because a THB= less than 40 would be more than I could cope with. I would have to leave Thailand.

I think that there might be an outside chance the Euro could possibly reach parity with the Dollar in 2009, but things in the U.K. would have to get pretty bad for the pound to reach parity with the Dollar! With that said I think that the $1.50 mark could be breeched in the next 30 days, right now in asian trading the pound is right at $1.60, and the way things are going $1.59 could be in danger in European trading later today. Short term you might want to consider the Dollar, and longer term the Yen sounds about right. I am not quite sure about the Swiss Franc, perhaps Lanna can lend some advice there. On a spec play, gold mining stocks are begining to look very attractive at these levels as there seems to be a disconnect between the price of gold and the price of the gold mining shares, just an idea, best of luck

I am hard pressed to think of one single thing about the UK economy that could prove to be its saving grace and thus save the Pound from further falls. The real estate bubble is one of the largest around, per capita borrowings are the highest in the western world, there is no manufacturing industry per se and the majority of the economy is based on financial services. Add to that the fact that a change of government is at least two years away plus the weather is dreadful and it all looks very messy.

Well that ought to make syd feel better

I don't know about Syd but for me personally I would much rather be made aware of all the components that affect a decision rather than just to be told that everything will be OK when there is a very good chance everything will not be OK - and because I am risk averse I would prefer to ere on the side of caution - I am against panic but I am also against denial and burying my head in the sand. Sorry.

C.M., I hardly think that I told syd that everything would be OK if he remained in pounds, as a matter of fact I thought I gave hime some very sage advice to get into the Dollar short term and then rotate into the Yen longer term. I also threw in the gold mining shares as a hedge against potential future inflation! I have been told that the situation is pretty bad in the U.K. but you seem to paint a picture of a country nearing colapse, is it really that bad over there?

[VegasVic]

Parity my arse.

Ignore the papers - they get rent-a-comments from supposed experts from banks etc who have no idea what is happening. They all jump on bandwagons and spout forth forecasts (at the promptings of their PR departments) which have no basis in fact. Noone ever holds them accountable.

Case in point. In June a Goldman Sachs report suggested oil would hit $200-$220 a gallon by the end of this year. Rather mysteriously, that forecast has been lost. Last week they issued a new forecast that oil would fall to $50 by the end of this year.

A forecast is just that, an estimate of what might happen in the future based on today's knowledge and trends, thus a forecast of oil at $200 was probably appropriate and accurate at the time. Using that definition as a guide I would suggest that the idea of GBP/USD parity is not entirely a wet dream, after all, we have seen parity before in not too distant times!

ahemm... cough... cough...

Goldman was trying to create a self fulfilling prophecy with that $200/bbl BS, they are (were?) the worlds largest hedge fund masquerading as an investment bank! If it wasn't for Goldman and a few others the price of crude would never had risen above $100/bbl. The difference in worldwide demand for oil when it was steadily trading in the $60-$65 range as opposed to when it was $147/bbl was basically nil, thats why I screamed (OK posted on many occasions) to short Oil 4-5 months ago

[chiang mai]

Perhaps the time has come for me to convert 50% of my GBP savings into Japanese Yen and Swiss Francs. This morning's financial papers suggest 1.50 by year end to the dollar, followed by a steady decrease in 2009 then parity some time in 2010. I am beginning to panic now, because a THB= less than 40 would be more than I could cope with. I would have to leave Thailand.

I think that there might be an outside chance the Euro could possibly reach parity with the Dollar in 2009, but things in the U.K. would have to get pretty bad for the pound to reach parity with the Dollar! With that said I think that the $1.50 mark could be breeched in the next 30 days, right now in asian trading the pound is right at $1.60, and the way things are going $1.59 could be in danger in European trading later today. Short term you might want to consider the Dollar, and longer term the Yen sounds about right. I am not quite sure about the Swiss Franc, perhaps Lanna can lend some advice there. On a spec play, gold mining stocks are begining to look very attractive at these levels as there seems to be a disconnect between the price of gold and the price of the gold mining shares, just an idea, best of luck

I am hard pressed to think of one single thing about the UK economy that could prove to be its saving grace and thus save the Pound from further falls. The real estate bubble is one of the largest around, per capita borrowings are the highest in the western world, there is no manufacturing industry per se and the majority of the economy is based on financial services. Add to that the fact that a change of government is at least two years away plus the weather is dreadful and it all looks very messy.

Well that ought to make syd feel better

I don't know about Syd but for me personally I would much rather be made aware of all the components that affect a decision rather than just to be told that everything will be OK when there is a very good chance everything will not be OK - and because I am risk averse I would prefer to ere on the side of caution - I am against panic but I am also against denial and burying my head in the sand. Sorry.

C.M., I hardly think that I told syd that everything would be OK if he remained in pounds, as a matter of fact I thought I gave hime some very sage advice to get into the Dollar short term and then rotate into the Yen longer term. I also threw in the gold mining shares as a hedge against potential future inflation! I have been told that the situation is pretty bad in the U.K. but you seem to paint a picture of a country nearing colapse, is it really that bad over there?

Sorry Vic, wasn't having a go at you. But yes, from everything that I read and from listening to all the tales from people who live there, things are not good. I am a Brit, patriotic and one of the few expat Brits it seems who actually likes the country hence I would like to see it do well - so when I say I am hard pressed to see the upside I am not joking or being vengeful, I truthfully do not see what it is apart from time that will see the country and its currency get back onto a level footing.

[chiang mai]

Parity my arse.

Ignore the papers - they get rent-a-comments from supposed experts from banks etc who have no idea what is happening. They all jump on bandwagons and spout forth forecasts (at the promptings of their PR departments) which have no basis in fact. Noone ever holds them accountable.

Case in point. In June a Goldman Sachs report suggested oil would hit $200-$220 a gallon by the end of this year. Rather mysteriously, that forecast has been lost. Last week they issued a new forecast that oil would fall to $50 by the end of this year.

A forecast is just that, an estimate of what might happen in the future based on today's knowledge and trends, thus a forecast of oil at $200 was probably appropriate and accurate at the time. Using that definition as a guide I would suggest that the idea of GBP/USD parity is not entirely a wet dream, after all, we have seen parity before in not too distant times!

ahemm... cough... cough...

That's a nasty cough you've got there, you should go see a doctor, Doctor. Come on then, spit it out, I can handle it.

[bendix]

How do I get to be a well-paid forecaster of bullshit? If CM's definition is correct, all i need to do is look at the sky is falling headlines, extrapolate some graphs and make completely unaccountable assertions on CNBC. So long as the knot in my tie is done nicely, and I have 'Analyst, wanke_r Merchant Bank' under my name, it will be taken seriously.

I hereby forecast that on current trends and using market knowledge (ahem ahem) the THB will reach parity with the GBP by the year 2108.

Now, where do i pick up my appearance cheque?

Edited October 24, 2008 by bendix

[chiang mai]

How do I get to be a well-paid forecaster of bullshit? If CM's definition is correct, all i need to do is look at the sky is falling headlines, extrapolate some graphs and make completely unaccountable assertions on CNBC. So long as the knot in my tie is done nicely, and I have 'Analyst, wanke_r Merchant Bank' under my name, it will be taken seriously.

I hereby forecast that on current trends and using market knowledge (ahem ahem) the THB will reach parity with the GBP by the year 2108.

Now, where do i pick up my appearance cheque?

If you presented your forecast as an expert who represents Bendix & Co, purveyors of advice since 1782, your appearance cheque has a value of 2 Baht and it's in the mail. If however you represent a global investment bank that is purported to retain some of the best financial minds on the planet and appears to have untold billions in assets, your appearance cheque will be slightly more but it's still in the mail - it's all down to credibility. But those things have been the basis of management and financial consultancy since time began so little new there. Anyway, back to GBP/USD, I see it's just cracked 1.58.

[cocopops]

How do I get to be a well-paid forecaster of bullshit? If CM's definition is correct, all i need to do is look at the sky is falling headlines, extrapolate some graphs and make completely unaccountable assertions on CNBC. So long as the knot in my tie is done nicely, and I have 'Analyst, wanke_r Merchant Bank' under my name, it will be taken seriously.

I hereby forecast that on current trends and using market knowledge (ahem ahem) the THB will reach parity with the GBP by the year 2108.

Now, where do i pick up my appearance cheque?

If you presented your forecast as an expert who represents Bendix & Co, purveyors of advice since 1782, your appearance cheque has a value of 2 Baht and it's in the mail. If however you represent a global investment bank that is purported to retain some of the best financial minds on the planet and appears to have untold billions in assets, your appearance cheque will be slightly more but it's still in the mail - it's all down to credibility. But those things have been the basis of management and financial consultancy since time began so little new there. Anyway, back to GBP/USD, I see it's just cracked 1.58.

Edging under $1.55 now. 6 pages on it appears the answer to the OP's question is yes.

[VegasVic]

How do I get to be a well-paid forecaster of bullshit? If CM's definition is correct, all i need to do is look at the sky is falling headlines, extrapolate some graphs and make completely unaccountable assertions on CNBC. So long as the knot in my tie is done nicely, and I have 'Analyst, wanke_r Merchant Bank' under my name, it will be taken seriously.

I hereby forecast that on current trends and using market knowledge (ahem ahem) the THB will reach parity with the GBP by the year 2108.

Now, where do i pick up my appearance cheque?

If you presented your forecast as an expert who represents Bendix & Co, purveyors of advice since 1782, your appearance cheque has a value of 2 Baht and it's in the mail. If however you represent a global investment bank that is purported to retain some of the best financial minds on the planet and appears to have untold billions in assets, your appearance cheque will be slightly more but it's still in the mail - it's all down to credibility. But those things have been the basis of management and financial consultancy since time began so little new there. Anyway, back to GBP/USD, I see it's just cracked 1.58.

C.M. I guess you were right about what is happening in the U.K., I think the pound just dropped below $1.55! The euro looks as though it may drop below $1.25! When you factor in the nearly 11% drop in the Korean market this is absolute carnage!!! My guess is that once the trading pits in N.Y. and Chicago open up, Gold and Oil are going to take a massive hit. I was going to go to bed 2 hours ago but I can't take my eyes off of CNBC.

[steverino]

why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.

Finance Guys please tell us how it really is!

[Soutpeel]

why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.

Finance Guys please tell us how it really is!

In very simple technical terms...the ar*e is falling out the currency....the Thai baht is pretty stable....

You will get as much sense out of a finance guy as a bar girl on Soi Nana on this issue....

Everyone is guessing....nobody knows what will happen......

Based on what is happening currently wouldnt exactly class the THB as a mickey mouse currency, it has at least maintained its value...more than can be said for the GBP

Edited October 24, 2008 by Soutpeel

[VegasVic]

why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.

Finance Guys please tell us how it really is!

Actually I am surprised that you are getting 53.8! The pound closed at $1.61 and change in the U.S. and currently it is under $1.55. The BOT is propping the baht up against the dollar by selling their dollar reserves and buying baht, so as the other world currencies fall against the Dollar and the baht stays in lock step with the Dollar, those trying to exchange pounds, euros, aussie dollars ect. for baht are getting a raw deal! Considering that the pound is falling like a rock presently I would jump all over that 53.8 exchange rate as it may be 51 before the end of the day over there.

[jdinasia]

why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.

Finance Guys please tell us how it really is!

Can we guess that you are actually in Scotland?

[jdinasia]

why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.

Finance Guys please tell us how it really is!

Actually I am surprised that you are getting 53.8! The pound closed at $1.61 and change in the U.S. and currently it is under $1.55. The BOT is propping the baht up against the dollar by selling their dollar reserves and buying baht, so as the other world currencies fall against the Dollar and the baht stays in lock step with the Dollar, those trying to exchange pounds, euros, aussie dollars ect. for baht are getting a raw deal! Considering that the pound is falling like a rock presently I would jump all over that 53.8 exchange rate as it may be 51 before the end of the day over there.

The dollar has gained against the baht over the last few months

[PhilHarries]

The whole subject of economics beats the cr@p out of me. The Americans, who precipitated this whole ungodly mess, are seeing their dollar appreciate. But the Brits who lead the way out of the financial swamp to much acclaim are seeing the GBP mimicking the Titanic.

As Soutpeel says, don't talk to an economist talk to a bar girl. You'll get more sense and, play your cards right, you might see your assetts grow by the end of the night.

[VegasVic]

How do I get to be a well-paid forecaster of bullshit? If CM's definition is correct, all i need to do is look at the sky is falling headlines, extrapolate some graphs and make completely unaccountable assertions on CNBC. So long as the knot in my tie is done nicely, and I have 'Analyst, wanke_r Merchant Bank' under my name, it will be taken seriously.

I hereby forecast that on current trends and using market knowledge (ahem ahem) the THB will reach parity with the GBP by the year 2108.

Now, where do i pick up my appearance cheque?

If you presented your forecast as an expert who represents Bendix & Co, purveyors of advice since 1782, your appearance cheque has a value of 2 Baht and it's in the mail. If however you represent a global investment bank that is purported to retain some of the best financial minds on the planet and appears to have untold billions in assets, your appearance cheque will be slightly more but it's still in the mail - it's all down to credibility. But those things have been the basis of management and financial consultancy since time began so little new there. Anyway, back to GBP/USD, I see it's just cracked 1.58.

C.M. I guess you were right about what is happening in the U.K., I think the pound just dropped below $1.55! The euro looks as though it may drop below $1.25! When you factor in the nearly 11% drop in the Korean market this is absolute carnage!!! My guess is that once the trading pits in N.Y. and Chicago open up, Gold and Oil are going to take a massive hit. I was going to go to bed 2 hours ago but I can't take my eyes off of CNBC.

It looks like the pound is about to breech the $1.53 level and the euro is trading in the $1.24's currently. Oil is getting hammered as well and gold is in the $680's.

[khaosuwan]

The dollar is strong, pound sterling is weak. Keep up with the global news.

[philstone]

why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.

Finance Guys please tell us how it really is!

It is common knowledge England is the next Iceland the Banks are being sold to Goldman Sacks for pennies on the dollar. I hope you understand go straight to the banks and bring you money to Thailand your GF Thai Wife will help you spend it.

[VegasVic]

why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.

Finance Guys please tell us how it really is!

Actually I am surprised that you are getting 53.8! The pound closed at $1.61 and change in the U.S. and currently it is under $1.55. The BOT is propping the baht up against the dollar by selling their dollar reserves and buying baht, so as the other world currencies fall against the Dollar and the baht stays in lock step with the Dollar, those trying to exchange pounds, euros, aussie dollars ect. for baht are getting a raw deal! Considering that the pound is falling like a rock presently I would jump all over that 53.8 exchange rate as it may be 51 before the end of the day over there.

The dollar has gained against the baht over the last few months

No, the Dollar gained against the baht a few months ago and the BOT saw a replay of 1997 and so they drew a line in the sand at 35baht/Dollar and the Dollar and the baht have been in lock step ever since. The BOT is spending its Dollar reserves in order to prop up the currecncy! I wonder just how much longer this can go on as there are already calls from some of the other governors at the BOT to devalue the baht. Ms. Tarissa is either one very smart lady or she will be out of a job very soon, and quite frankly I really don't know which it is?

[barrella]

Just checked the BBC rates for the £ to ฿ just now 53.69500, where is the floor on this?

I am just happy we make cash in ฿ as well. If we did not I would be packing my bags about 2฿ ago.

I was offered 2 permanent jobs within the last few months paid in $, one a very very nice package, if I thought about it. As of today I am re-thinking.

When the nice job was was offered to me I blew them out in seconds, looks like some humble pie might be moving in here.

My consultancy work in LOS has disappeared, I have one contract to finish for a company based in Singapore then, nothing, 0, no go.

The money we make is split by the future wife's businesses and the money I make in the UK plus the icing on the cake my consultancy work. We support each other and our money is put into a central fund for expansion both sides. If the £ makes any more moves lower then I will make some calls, pay staff to run my 2 businesess UK side (not big, small entities that make some) and take one of the job offer's in $'s as the £'s I am making do not go that far anymore as the consultancy work has gone (for the mean time).

I remember the days of ฿75 to the £. I intended never to go back to corporate style employment again (thought I was doing well at 35) well times have changed too much and I need to get my head down and back into a big companies office I think.

See you at the bottom.

Edited October 24, 2008 by barrella

[DavidOxon]

Oh god oh god oh god!

It would have been SO much cheaper to lose 3 months interest like £500 not £7000!

And I'm still leaving it there hoping!

What's going to happen by this time next month?

My home doesn't even have a decent balcony to jump off!

OP

[philstone]

It looks like the pound is about to breech the $1.53 level and the euro is trading in the $1.24's currently. Oil is getting hammered as well and gold is in the $680's.

I feel sorry for the Britts who have pounds to live on.

Edited October 24, 2008 by philstone

[VegasVic]

How do I get to be a well-paid forecaster of bullshit? If CM's definition is correct, all i need to do is look at the sky is falling headlines, extrapolate some graphs and make completely unaccountable assertions on CNBC. So long as the knot in my tie is done nicely, and I have 'Analyst, wanke_r Merchant Bank' under my name, it will be taken seriously.

I hereby forecast that on current trends and using market knowledge (ahem ahem) the THB will reach parity with the GBP by the year 2108.

Now, where do i pick up my appearance cheque?

If you presented your forecast as an expert who represents Bendix & Co, purveyors of advice since 1782, your appearance cheque has a value of 2 Baht and it's in the mail. If however you represent a global investment bank that is purported to retain some of the best financial minds on the planet and appears to have untold billions in assets, your appearance cheque will be slightly more but it's still in the mail - it's all down to credibility. But those things have been the basis of management and financial consultancy since time began so little new there. Anyway, back to GBP/USD, I see it's just cracked 1.58.

C.M. I guess you were right about what is happening in the U.K., I think the pound just dropped below $1.55! The euro looks as though it may drop below $1.25! When you factor in the nearly 11% drop in the Korean market this is absolute carnage!!! My guess is that once the trading pits in N.Y. and Chicago open up, Gold and Oil are going to take a massive hit. I was going to go to bed 2 hours ago but I can't take my eyes off of CNBC.

It looks like the pound is about to breech the $1.53 level and the euro is trading in the $1.24's currently. Oil is getting hammered as well and gold is in the $680's.

It looks as though the slide has stopped! The pound bounced off of $1.52 and is currently at $1.543, and the euro is back above $1.25 for the moment.

[philstone]

It looks like the pound is about to breech the $1.53 level and the euro is trading in the $1.24's currently. Oil is getting hammered as well and gold is in the $680's.

Most members of Thai Visa have nothing to worry about they can become English teachers. However the Dollar and the Pounds shall be equals in about 3 months. Please Remember what I wrote when the Pound was 2.10 to 2.15. Switch to Dollars and you did not listen. You thought I was crazy 30 per cent in 6 months better than losing 30 per cent. Sorry you did not listen me.

Edited October 24, 2008 by philstone

[Samuian]

.....the BOT saw a replay of 1997 and so they drew a line in the sand at 35baht/Dollar and the Dollar and the baht have been in lock step ever since. The BOT is spending its Dollar reserves in order to prop up the currecncy! I wonder just how much longer this can go on as there are already calls from some of the other governors at the BOT to devalue the baht. Ms. Tarissa is either one very smart lady or she will be out of a job very soon, and quite frankly I really don't know which it is?

well they insist it is floating NOT Tied to ANY currency...

Replay!

Prep it up... prep it up... as they are all tied to one interest group or they other...

Krugmann warned of a really bad replay if... and here we go... anyone remembering how t all started in 1997?

Same, same, but different goes a much used phrase around here, doesn't it?

In the mean time I would roll over some baht into cheap pounds and have a vacation, I will.... never been cheaper for some time to go continental!